AU Morning Wrap: ASX Rallies in Last Session of 2022
G'day, mooers! Check out the latest news on today's stock market!
• Late, late Santa Rally lifts Wall Street
• ASX rallies in last session of 2022
• Stocks to watch: Block, Warrego Energy, Link
- Moomoo News AU
• Late, late Santa Rally lifts Wall Street
• ASX rallies in last session of 2022
• Stocks to watch: Block, Warrego Energy, Link
- Moomoo News AU
Wall Street Summary
US benchmarks rebounded from two days of selling as investors interpreted signs of a cooldown in the red-hot labour market as a reason for the Federal Reserve to slow or pause interest rate increases in 2023.
The $S&P 500 Index(.SPX.US$ rallied 66 points or 1.75 per cent. The $Dow Jones Industrial Average(.DJI.US$ gained 345 points or 1.05 per cent. The $Nasdaq Composite Index(.IXIC.US$ added 265 points or 2.59 per cent.
AU Market Watch
Stocks to Watch
$Warrego Energy Ltd(WGO.AU$: Warrego Energy issued its target statement amid competing bids from Hancock Energy at 28¢ a share in cash, and Strike Energy at one new Strike share per Warrego share.
$Warrego Energy Ltd(WGO.AU$: Warrego Energy issued its target statement amid competing bids from Hancock Energy at 28¢ a share in cash, and Strike Energy at one new Strike share per Warrego share.
The majority of the Warrego board recommends the Hancock offer in the absence of a better deal, but the recommendation is not unanimous: chairman Greg Columbus rejects the Hancock offer and recommends the Strike deal.
$Link Administration Holdings Ltd(LNK.AU$: Link shares traded for the first time without the right to receive the Pexa in specie distribution, showing a 44 per cent decline to $1.84. Link shareholders approved the transaction on December 23, whereby they receive one Pexa share for every 7.52 Link shares held.
Commodities
• Iron ore traded at its highest since mid-June in China as optimism about improved steel demand outweighed concerns about the short-term hit from surging Covid cases. The most-traded May ore on the Dalian Commodity Exchange rallied 1.56 per cent to 845 yuan a tonne.
• Oil declined amid ongoing concerns China’s rapid unwinding of Covid restrictions will trigger a demand-sapping wave of infections.
Brent crude settled US$1 or 1.2 per cent lower at US$82.26 a barrel. The US benchmark, West Texas Intermediate, dropped 56 US cents or 0.7 per cent to US$78.40.
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